The recent meteoric rise of meme tokens has been unprecedented in the crypto-verse. But why are these tokens such a big hit with crypto investors?
In 2021, the crypto space experienced a surge in meme tokens being launched. They were hungrily bought up by crypto investors and speculators.
In this post, we’ll unpack the rise of the meme tokens, explore some of the most popular and give you the low down on where the next wave of meme power may come from.
What Are Meme Tokens?
Meme tokens are cryptocurrencies that are inspired by jokes (i.e. memes) on the Internet and social media. The first, and most popular cryptocurrency of this kind, is Dogecoin.
Dogecoin is a cryptocurrency that was created on December 6th 2013 and is based on the popular “Doge” Internet meme and features a Shiba Inu on its logo
While meme tokens like Doge are considered a joke, they are never the less big business.
In August 2020, a Shiba Inu ($SHIB) investor bet $8,000 on the meme-inspired cryptocurrency and at one point saw the value of his tokens rally past the $5.7 billion mark.
‘Proper’ cryptocurrencies like Bitcoin and Ethereum were created to solve real-world problems and thus can be used in the real world.
Meme coins, on the other hand, often have little utility beyond a vehicle of investment speculation
The Rise Of The Meme Coin
After the success of Dogecoin, meme coins exploded onto the scene and they have gained increasing acceptance as a vehicle for bringing retail buyers into the crypto market.
Their popularity is often linked to their connections with social media influencers and celebrities.
Popular Meme Tokens
Here’s an overview of some of the most popular crypto meme coins:
Based on a meme of a Japanese dog called a Shiba Inu, this is the most successful meme coin of all time. Dogecoin is a cryptocurrency created by software engineers Billy Markus and Jackson Palmer, who decided to create a payment system as a “joke”. Supporters include Elon Musk.
Safemoon was launched in March 2021. It is a community-driven token that includes a feature into its protocol that demotes the selling of its native tokens.
Shiba Inu (SHIB)
This token came about in April 2020 Shiba Inu token is a decentralized cryptocurrency created in August 2020 by an anonymous person or persons known as “Ryoshi”.
IQ Inu (IQ)
IQ Inu was launched in 2021. Based on the Algorand blockchain the IQ Inu meme coin is a community-driven project that seeks to capture first-mover advantage on a blockchain that has largely remained unexposed to this asset class.
How To Buy Meme Coins
Purchasing meme coins is like buying any other type of cryptocurrency.
First, register on an exchange platform and buy coins with fiat (or trade crypto to crypto).
Meme coins are available on most of the large exchange platforms.
Alternatively, if the meme coin is on another blockchain, you can buy that blockchain’s native token on an exchange like Binance and withdraw to a native external wallet.
Wrapping It Up
What may have started as a joke, has become a big business where fortunes can be made – or lost. This is an exciting space in cryptocurrency speculation that sees no signs of slowing down.